JSW Steel, ArcelorMittal, Tata Steel vie for Bhushan Steel
Top steel makers JSW Steel and Tata Steel from India, and Luxembourg-based ArcelorMittal are learnt to have submitted bids for the debt-ridden Bhushan Steel which is undergoing insolvency proceedings. The last date to submit bids for Bhushan Steel, the maker of auto grade steel in India, was February 3.
According to sources, JSW Steel along with Piramal Enterprises has submitted the resolution plan. Besides, Tata Steel and NRI billionaire Lakshmi Niwas Mittal-led ArcelorMittal have also bid for Bhushan Steel, sources said. The highest bidder would be announced on Tuesday.
Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes Rs 44,478 crore to lenders. According to the information on Bhushan Steel’s website, the company is the third largest secondary steel producer in the country with an existing steel production capacity of 5.6 million tonne per annum.